Evergrande exposes China’s lack of credit hedges
Onshore credit derivatives market has been little help during property giant’s recent woes, sources say
An inability to offload risk into China’s fledgling credit derivatives market has made it harder for the country’s largest banks and securities houses to manage their credit risk exposure to Evergrande, the world’s most indebted property company.
China has had an onshore credit derivatives market since 2010, but a host of problems – including a lack of protection sellers, narrow reference
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